At the Cattle Industry Summer Business Meeting in Denver, U.S. Meat Export Federation (USMEF) President and CEO Dan Halstrom updated cattle producers on the state of U.S. beef exports. In the audio clip below, Halstrom notes that despite a recent dip in export volumes due to interruptions in production, the outlook for the second half of 2020 remains very strong. This is due in part to the U.S.-Japan Trade Agreement, implemented on Jan. 1, which lowered Japan's import duties on U.S. beef to match those imposed on major competitors.
Halstrom added that the U.S. beef industry is just beginning to reap the benefits of the U.S.-China Phase One Economic and Trade Agreement, as the red meat trade provisions of this agreement were implemented in late March. Through May, U.S. beef exports to China were up 66% from a year ago to just under 5,000 metric tons, with value up 71% to $39 million.